Daily Archives: October 3, 2014

Judge gives Kalamazoo Co. green light to sell woman’s home after property tax mistake

KALAMAZOO COUNTY, Mich. — A Kalamazoo County judge has sided with county officials in a dispute involving a Richland woman’s home being seized over a property tax mistake.

FOX 17 first talked with Deborah Calley in mid-September, when she told us she lost her home after accidentally missing a property tax payment of roughly $2,000 in 2011.   She paid $164,000 in cash for the home in 2010.

Having no mortgage on the home, Calley says she simply forgot to make the payment.  She also says she wasn’t properly notified about it.

“When I paid the taxes in 2012 right there in Richland, no one said, ‘Oh, well you still owe money for 2011,’”Calley said in September. “So, I didn’t really have a clue. I thought I was right on time.”

Kalamazoo County Circuit Court Judge Gary Giguere, Jr.’s ruling coincides with whatcounty officials told FOX 17 from the beginning: that the county was only following the law.

“…the Court finds that the numerous and varied forms of notice the Petitioner used to notify Defendant [Calley] pursuant to the GPTA  [General Property Tax Act] were reasonably calculated to apprise her of the foreclosure proceedings,” Giguere’s court ruling reads.

Other documents obtained by FOX 17 showed that several notices were sent out from the county treasurer’s office over the last year, but Calley said she didn’t see a single one.

Read on.

N.Y. Fed Lawyer Says AIG Got Billions Without Paperwork

The Federal Reserve Bank of New York poured billions of dollars into rescuing American International Group Inc. (AIG) in September 2008 without drawing up documents that would cement the government’s control of the giant insurer, the bank’s lawyer testified.

AIG’s dire condition required an immediate infusion of cash, and paperwork memorializing the terms of the loan wasn’t complete, Thomas Baxter, the New York Fed’s general counsel, told a judge inWashington yesterday in a trial over a shareholder challenge to the terms of the rescue.

The Fed wanted to quickly get control of AIG because of concern that Rodgin Cohen, an attorney for the company, might try to re-negotiate the rescue terms, Baxter said. Cohen had succeeded in re-working the terms of JPMorgan Chase & Co. (JPM)’s takeover of Bear Stearns and the Fed was worried that he might try again with AIG, Baxter testified.

“The more credit we put into AIG, the less bargaining power we had,” Baxter said.

Read on.